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Helping Families complete the FAFSA for 2009-2010

Helping Families complete the FAFSA for 2009-2010. Sponsored by Massachusetts College Goal Sunday Presented by Julie Shields-Rutyna , MEFA jshields-rutyna@mefa.org Gail Holt , Mount Holyoke College gholt@mtholyoke.edu. Agenda. FAFSA-How easy is it? Major Issues for Families

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Helping Families complete the FAFSA for 2009-2010

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  1. Helping Families complete the FAFSA for 2009-2010 Sponsored by Massachusetts College Goal Sunday Presented by Julie Shields-Rutyna, MEFA jshields-rutyna@mefa.org Gail Holt, Mount Holyoke College gholt@mtholyoke.edu

  2. Agenda • FAFSA-How easy is it? • Major Issues for Families • Common Mistakes • Changes for 2009-2010 • Questions • Implications of the change • Issues for your office to consider Massachusetts College Goal Sunday MASFAA Conference 2008

  3. One Hour! Paperwork Reduction Act of 1995 • The time to complete this form is estimate to be one hour, including time to review instructions, search data resources, gather the data needed, and complete and review the information collection Massachusetts College Goal Sunday MASFAA Conference 2008

  4. Prep Work • Obtaining PIN first • Key is having what you need in front of you • Read the directions • Understand them (or have someone to ask). • Knowing answers to bigger issues that come up for families Massachusetts College Goal Sunday MASFAA Conference 2008

  5. What to Bring • FAFSA PIN • Social Security Number • Driver’s license • 2008 Federal Tax Return • 2008 W-2 Forms or year-end pay stubs • 2008 untaxed income records • 2008 bank statements • 2008 business and investment records • Alien registration card (if not a U.S. citizen) Bring 2007 if 2008 not available Massachusetts College Goal Sunday MASFAA Conference 2008

  6. Completing the FAFSA • Who completes it? • Parent(s) • Student (You the student) • Dependent vs. Independent • Paper or online? • When to complete it • How to make updates and corrections Massachusetts College Goal Sunday MASFAA Conference 2008

  7. Common Mistakes • Missing signatures • Legal name or incorrect social security number • Gender-Question 21 • Incorrectly reporting a legal dependent-Questions 75 and 76 • Misunderstanding the Income Tax field-Questions 37 and 87 Massachusetts College Goal Sunday MASFAA Conference 2008

  8. Common Mistakes • FAFSA Submission • Drug question-Question 23 • Marital Status-Questions 16 and 61 • Head of Household – error and abuse • Assets – rental property ≠ business • SSI (supplemental security income) ≠ SSDI (social security disability insurance) Massachusetts College Goal Sunday MASFAA Conference 2008

  9. Change Questions moved Individual options provided vs. look-up from instructions Implications Easier to understand Answer more quickly Decrease time to complete?? High School Completion and College Plans Massachusetts College Goal Sunday MASFAA Conference 2008

  10. New Question #32 Paper FAFSA 2009-2010 FAFSA on the Web (FOTW) in 2008-2009 Implications Student confusion Unrealistic expectations Don’t know = Yes TEACH Grant Massachusetts College Goal Sunday MASFAA Conference 2008

  11. Change Amount eliminated Implications Requires follow up with school School must collect amount 1 (chapter 30) eligible for subsidized loan Veteran’s Benefits Massachusetts College Goal Sunday MASFAA Conference 2008

  12. Change Eliminated for both student and parent No Earned income credit No Additional child tax credit No Welfare benefits No Untaxed Social Security benefits Implications Less confusing for low-income families Discrepancy between FM and IM income Worksheet A Massachusetts College Goal Sunday MASFAA Conference 2008

  13. Changes Now included in Step Two and Four Foreign income eliminated Credit for federal tax on special fuels eliminated Implications Discrepancy between FM and IM income Lower total income Worksheet B Massachusetts College Goal Sunday MASFAA Conference 2008

  14. Changes Taxable combat pay added Implications Lower total income Worksheet C Massachusetts College Goal Sunday MASFAA Conference 2008

  15. Foster Youth • Change • Foster care added as qualifier for independent status • Age changed from until 18 to any time period age 13 or later • Implication • Greater eligibility for independent status • Documentation may be needed Massachusetts College Goal Sunday MASFAA Conference 2008

  16. Changes FIVE new questions New comment codes Special circumstances flag on ISIR Implications Communication of institutional policy Documentation needed? PROFILE will waive parent data if answer Yes as emancipated minor Dependency Status Massachusetts College Goal Sunday MASFAA Conference 2008

  17. Changes New question Implications Eligibility determination for SNT/auto zero test ‘Don’t know’ option will require verification Documentation may be needed Dislocated Worker Massachusetts College Goal Sunday MASFAA Conference 2008

  18. Changes Notes changed Implications Dependent student owned accounts now being counted in need analysis 529 Plans Massachusetts College Goal Sunday MASFAA Conference 2008

  19. Changes Increased from one to two years Clarified that aid eligibility or benefits would not be reduced Implications Reduced EFC Means Tested Benefits Massachusetts College Goal Sunday MASFAA Conference 2008

  20. Changes Parent e-mail added Implications Institutional policy on e-mailing parents Parent Data Massachusetts College Goal Sunday MASFAA Conference 2008

  21. Changes Can now bypass parental info (FOTW) Advised to contact FAO Prescreening questions to limit requests for override (FOTW) Transferability Implications Ease of processing (??) New Special Circumstances Flag (value = 1) Comment code 295/284 Rejects 2 and 15 Process for approval and communication? Dependent Students(with special circumstances) Massachusetts College Goal Sunday MASFAA Conference 2008

  22. Changes Email sent if Web application inactivity after 7 and 14 days Implications Less delay in processing More complete FAFSAs Less inquiries to FAAs FSA Communication Massachusetts College Goal Sunday MASFAA Conference 2008

  23. Changes Income threshold increased from $20,000 to $30,000 Implications Reduced EFC Auto Zero EFC Massachusetts College Goal Sunday MASFAA Conference 2008

  24. Future Possibilities • FAFSA Simplification • Limited IRS income verification pilot Massachusetts College Goal Sunday MASFAA Conference 2008

  25. Changes to the Paper 2009-2010 FAFSA(Impress your friends at your next cocktail party) • Four-year color rotation • Ovals changed to Circles • Answer box size decreased slightly • Housing plan options changed – Step 6 Massachusetts College Goal Sunday MASFAA Conference 2008

  26. Final FAFSA Release Demonstration Site Fafsademo.test.ed.gov User name – eddemo Password - fafsatest Early December 2008

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